India seeks extra $4 billion net spending, cash for banks

July 31, 2015 7:16 AM

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NEW DELHI, July 31 India's finance minister on Friday sought parliamentary approval to spend a net additional $4 billion in the current fiscal year, almost half of it earmarked to inject capital into state-run banks struggling with bad debts.

Finance Minister Arun Jaitley asked the lower house of parliament to agree to additional spending of 255 billion rupees. The government has a budget target of spending 17.77 trillion rupees ($277 billion) in the 2015/16 fiscal year.